Larry Kranking Named CEO of Coldstream Laboratories Inc.

LEXINGTON, KY--(Marketwire - August 23, 2010) -

Larry Kranking has been named the new President and CEO of Coldstream Laboratories Inc. (CLI), the largest sterile pharmaceutical manufacturing facility in Kentucky.

Kranking, who comes to CLI from Aveta Lifesciences-usa in Valparaiso, Ind., has 38 years of experience as a pharmaceutical executive leading start-up companies and implementing innovative regulatory strategies. Kranking will head a staff of 70 who provide full service GMP sterile manufacturing services for international biotech and pharmaceutical clients who require small batches of product for use in pre-clinical trials through commercial distribution.

“Larry is an internationally recognized industry leader who has helped develop the guidelines that define today’s biopharma manufacturing world,” said Len Heller, chairman of the board of CLI. “Larry also brings expertise in the area of ANDA drug development which will be important to CLI as we move into our fourth year of operation,” said Heller, who also serves as the University of Kentucky Vice President for Commercialization & Economic Development.

“CLI is in an excellent position to expand our customer base and services as we leverage the University of Kentucky’s position as a premier research institution and global leader in cancer research and drug development,” said Larry Kranking, whose business operations experience includes the startup of cGMP manufacturing facilities for Boehringer Ingelheim and Eisai Inc. “We want to position Coldstream Laboratories as the bridge between drug discovery and commercial business.”

Kranking replaces Joe Wyse who transitioned CLI from the University of Kentucky Center for Pharmaceutical Science & Technology to a private business in 2007. “Joe has done a tremendous job the past three years navigating all of the issues and regulations inherent in a start-up business and a cGMP pharma operation while starting to build an international client base,” said Heller.

Coldstream Laboratories Inc., located at the Coldstream Research Campus, is wholly owned by the University of Kentucky through the University of Kentucky Research Foundation.

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